Gold prices hit a two-week low on Friday as the dollar recouped losses on stronger-than-expected U.S. economic data, while mounting concerns over a slowdown in global growth offered support to the safe-haven metal.
Early Friday morning, spot gold was down 0.2% at $1,310.26 U.S. per ounce, after slipping to its lowest since Feb. 14 at $1,309.55 earlier in the session.
U.S. gold futures were down 0.2% at $1,313.10 U.S. per ounce.
The greenback, which pulled back from over three-week lows, scaled a 10-week high against the yen and was marginally higher against major currencies.
The U.S. Commerce Department's report showed a better-than-expected performance in the fourth quarter pushed gross domestic product (GDP) up 2.9% for the year, just shy of the 3% annual growth target in 2018.
Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis.
Also, Japanese manufacturing activity contracted in February at the fastest pace in two-and-a-half years as factories cut back output amid shrinking domestic and export orders, a revised survey showed on Friday.
Gold has lost the support from $1,320 U.S. level, technically and has not got enough boost from Federal Reserve Chairman Jerome Powell's testimony and negative news on China-U.S. trade.
Among the other precious metals, palladium gained 0.2% to $1,546.10 U.S. per ounce, after retreating from its all-time peak of 1,565.09 scaled earlier in the week.
Platinum was flat at $869.87 U.S. per ounce, below its more than three-month high of $876 hit in the previous session.
Spot silver was down 0.6% at $15.51 U.S. per ounce.
